If you want to be Rich, Act like a Poor. The liveliest example of Frugality on Earth I have ever met! Dr. A Velumani - Founder, Chairman and Managing Director of Thyrocare Technologies Ltd. In spite of having a company worth 3.5k Cr and having a daily income of around Rs. 3 Cr, Dr Velumani dosen’t own a house, has an old car and travel by economy class. The reason behind not owning a house, he explained was once you have a fixed place to live you create your own boundaries which limit your growth.
The most important advice he gave to all Entrepreneurs was “Be Frugal” and don’t become the consumer of your own success. Once you start consuming your profits you will be restricting you growth and will not be able to accumulate wealth, which is necessary for an enterprise to grow limitless. He supported this by Quoting – “Just like a Honey Bee you have to be a Money Bee”. If a bee starts consuming the honey it has collected, a huge honey comb would never be built.
An entrepreneur cannot create an enterprise until he comes out of his comfort zone and face the challenges in front of him.
We have often heard from all Entrepreneurs that don’t be afraid to make mistakes, as mistakes are the greatest teachers from which we learn, Dr Velumani wonderfully categorised Mistakes as:
Error: If corrected within a week
Mistake: If corrected within a quarter, and
Blunder: If it takes years to get corrected.
So now it depends on you whether you want to learn from your mistakes or you are going on to make Blunders, he appalled. Just like a Honey Bee Don’t be a Money Bee.
Creator should not be a consumer. He also added that best managers are those who obtain best results from worst resources rather than from Expensive one.
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CA Saket Chourasia
Director Global Ecosystem – Entrepreneur Cafe